Wednesday, May 16, 2018

High cloves prices up Isles forex earnings

In Summary

The rise was mainly owing to improved performance of major export commodities—cloves and seaweeds— which altogether accounted for 89.5 percent of total earnings from goods exports.

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By The Citizen Reporter @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. Foreign exchange earnings for exports of goods and services in Zanzibar increased by 26.5 per cent to $229.8 million during the year ending in March 2018 from Sh222.7 million recorded in February 2018.

The rise was mainly owing to improved performance of major export commodities—cloves and seaweeds— which altogether accounted for 89.5 percent of total earnings from goods exports.

The Bank of Tanzania monthly economic review for April shows that earnings from export of cloves increased to $56.9 million in the year to March 2018 from $17.9 million in the corresponding period in 2017. This was mainly on account of volume, which rose to 7,186 tonnes from 2,306 tonnes.

The monthly global price for cloves increased to $8,085.7 in March this year, higher than $7,800 per tonne in February this year and $8,100 in March last year while annual price increased to $7,920.7 in 2018 from $7,773 recorded in 2017.

The review shows that export earnings from seaweeds also rose by 90 per cent to $3.7 million from $2.0 million in the year to March 2017 following increase in the volume.

However the annual commodity prices for seaweeds fell to $346.8 per tonne in 2018 from $459 recorded in 2017 but monthly price went up to $461 in March this year from $450 recorded in March 2017.

According to the review, export of manufactured goods increased to $4.9 billion during the year ending March 2018 from $3.1 billion recorded during the year ending March 2017.

Earnings from fish and fish products also increased to $174.9 million during the year ending March 2018, from $28.1 million recorded in 2017.

Exports of fish and fish products rose following large increase in exports of octopus, squids, shrimps and live lobster, and other marine products.